Victory Capital Q3 revenue just misses estimates

Reuters11-07
Victory Capital Q3 revenue just misses estimates

Overview

  • Victory Capital Q3 revenue slightly missed analyst expectations

  • Adjusted net income for Q3 missed analyst estimates

  • Company repurchased 1.8 mln shares, returning $163 mln to shareholders

Outlook

  • Victory Capital anticipates $110 mln in net expense synergies from Pioneer integration

Result Drivers

  • PIONEER INTEGRATION - Integration of Pioneer Investments is on track to deliver $110 mln in net expense synergies

  • ETF PRODUCT SUCCESS - Strong sales of diversified ETF products added $5.4 bln in positive net flows

  • INVESTMENT PERFORMANCE - Firmwide investment performance remains excellent, with a high percentage of AUM outperforming benchmarks

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Slight Miss*

$361.20 mln

$363.60 mln (5 Analysts)

Q3 EPS

$1.11

Q3 Adjusted Net Income

Miss

$130.90 mln

$133.06 mln (4 Analysts)

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the investment management & fund operators peer group is "buy"

  • Wall Street's median 12-month price target for Victory Capital Holdings Inc is $71.00, about 12% above its November 5 closing price of $62.49

  • The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nBw6hwJY4a

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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